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McGraw-Hill (MHP)
McGraw-Hill said that its third quarter net income declined to $336.1 million, or $1.07 a share, from $390.2 million, or $1.23, a year earlier. Revenue in the quarter decreased 8.4 percent to $1.88 billion.
Company also cut revenue forecasts for the rest of the year.
Oct 26 · 10:04:00 AM · Source: Company News Release
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by Larry Etter
Corning (GLW)
Corning, the world's biggest maker of LCD display glass for TVs and laptops, said it earned $643 million, or 41 cents a share, in the July-September period, down from $768 million, or 49 cents a share, a year earlier. Sales fell 5 percent to $1.48 billion from $1.55 billion a year ago. That also beat analysts' forecasts of $1.42 billion.
But the company's results did beat Street forecasts.
Oct 26 · 9:58:00 AM · Source: Company News Release
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by Larry Etter
RadioShack (RSH)
Radio Shack said third quarter earnings declined to $37.4 million or $0.30 per share from $49.1 million or $0.38 per share in the previous year. The company said third quarter net sales and operating revenues for the recent quarter declined 3.1% to $990 million from $1.02 billion in the comparable period a year ago.
The company noted that the decrease of 3.1% was attributable to a 3.5% fall in the sales generated by company-operated stores, a 17.8% decline in kiosk sales; and a 13.5% increase in other sales.
Oct 26 · 9:54:00 AM · Source: Company News Release
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by Larry Etter
Verizon (VZ)
Verizon Communications Inc. posted lower third quarter earnings reflecting higher merger and restructuring costs. Third-quarter net income attributable to Verizon was $2.89 billion, down 29.5% from $3.19 billion reported in the same period a year ago. On a per share basis, earnings fell 30.5% to $0.41 from $0.59 in the same quarter of last year. Operating revenues for the latest quarter advanced 10.2% to $27.3 billion from the previous year's revenue of $24.8 billion
Good news was that adjusted earnings and operating revenues surpassed Wall Street expectations.
Oct 26 · 9:49:00 AM · Source: FTT
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by Larry Etter
Honeywell (HON)
Honeywell reported Q3 earnings of $0.80 per share on net income of $619 million versus $0.97 per share on net income of $723 million in the year ago period.
“Honeywell is positioning its businesses for long-term growth by continuing to invest in new products and services, geographic expansion, and key process initiatives," said Honeywell Chairman and Chief Executive Officer Dave Cote. "We executed well in the third quarter with sales on track and better than expected earnings and free cash flow performance. We're particularly pleased with our free cash flow performance year-to-date, which reflects our strong operating disciplines and working capital controls. These results reflect the impact of the growth investments and productivity actions we have taken in the midst of tough market conditions."
Oct 23 · 3:25:00 PM · Source: Press Release
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by Michael Oliveto
CIT Group (CIT)
CIT Group reached a tentative agreement with Goldman Sachs over a disputed payment on a $3 billion loan.
An agreement over the $1 billion "make whole" payment could be made final within 24 hours. Goldman would be entitled to the $1 billion payment under the $3 billion rescue package it provided in June 2008, six months before the U.S. government invested $2.33 billion in CIT through the Troubled Asset Relief Program. CIT had no immediate comment. Goldman did not immediately return calls seeking comment.
Oct 23 · 3:14:00 PM · Source: Reuters · Related: Goldman Sachs Group Inc
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by Michael Oliveto
FedEx (FDX)
FedEx said its express parcel delivery business in China continues to gain market share, but competition with local rivals remains very tough.
The company is seeing "good growth" in its business in China, which it launched in 2007, said David Cunningham, Jr., Asia-Pacific president of FedEx's core express segment. “We aren't the price leader from the standpoint of (having) the lowest prices but we have to be competitive...in the marketplace," Cunningham said. He declined to provide specific figures on the China business.
Oct 23 · 3:07:00 PM · Source: NASDAQ
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by Michael Oliveto
Exelon (EXC)
Excelon reported earnings of $1.14 per share on net income of $757 million versus $1.06 per share on earnings of $700 million in the year ago period.
"We are achieving our financial commitments despite difficult weather, economic and market conditions," said John W. Rowe, Exelon’s chairman and CEO. "We continue to deliver cost savings and solid operations as shown by a 94.7 percent nuclear capacity factor for the third quarter and reliable utility performance through the critical summer months. We remain committed to achieving full year 2009 operating earnings within the guidance range we issued last fall and are narrowing that range to $4.00 to $4.10 per share."
Oct 23 · 3:04:00 PM · Source: Press Release
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by Michael Oliveto
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